Almost two-thirds of young adults plan to use Help to Buy scheme

New research has found that 65 per cent of young adults are planning to either move home or buy their first home using the Help to Buy scheme.

According to mortgageintroducer.com, the research comes from the Mortgage Advice Bureau and shows the Help to Buy scheme is particularly attractive to young buyers under the age of 30.

The figures show that 38 per cent of young adults plan to buy their first home before the end of 2016, whereas only 14 per cent of all adults have this ambition. In addition, 27 per cent of young adults plan to move home, in comparison to 21 per cent of all adults.

Almost one in three (30 per cent) of young adults admitted they were more likely to purchase a new build after the implementation of Help to Buy, whereas only 13 per cent of all adults felt more persuaded to do so, reports propertywire.com.

Help to Buy is a government scheme that allows prospective buyers to take out a 95 per cent mortgage, meaning buyers only have to pay a five per cent deposit.

Brian Murphy, head of lending at the Mortgage Advice Bureau, said that saving enough money for a deposit is the biggest issue for most buyers and Help to Buy can help tackle this problem.

“It’s clear that consumers are crying out for better access to mortgages and the second part of Help to Buy brings existing properties into play alongside newly built homes,” he said. “It means the appeal of government support will extend to a wider audience which can only help towards fulfilling home owning ambitions.”

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